Finra bars ex-Wells Fargo Advisors broker who just lost arbitration over loan

Finra bars ex-Wells Fargo Advisors broker who just lost arbitration over loan
Terrence R. Puricelli was fired in 2016 over concerns of the accuracy of notes in the firm's system.
NOV 16, 2018

The Financial Industry Regulatory Authority Inc. on Thursday barred a former Wells Fargo Advisors broker who failed to cooperate with Finra regarding its investigation into his being fired by the firm more than two years ago. The broker, Terrence R. Puricelli, was discharged by Wells Fargo Advisors in August 2016, according to his BrokerCheck report. The firm had concerns relating to the accuracy of notes he placed in the firm's system, according to his BrokerCheck report, as well as his use of time and price discretion. Mr. Puricelli initially cooperated with the Finra investigation but ceased to do so this year, according to the Finra settlement. He accepted the settlement without admitting to or denying Finra's findings. He entered the securities industry in 2000 and started working at Wells Fargo Advisors in December 2011, according to Finra. Mr. Puricelli's attorney, Bryan P. Cavanaugh, did not return a call for comment. Just last month, Mr. Puricelli lost a Finra arbitration dispute with Wells Fargo Advisors in which the firm claimed in 2016 that he owed them money from a loan in the form of a promissory note that it made to him when he joined the firm in 2011. Mr. Puricelli filed a counterclaim against Wells Fargo Advisors, alleging that the firm "failed to reasonably accommodate his disability and terminated his employment because of his disability," according to the Finra award. The Finra arbitration panel decided to award Wells Fargo $308,000 for the principal of the promissory note, interest and legal fees.

Latest News

Treasury hits BofA with $1.2B fine over money laundering violations
Treasury hits BofA with $1.2B fine over money laundering violations

“Today’s actions send a clear message that even the biggest financial institutions are not above the law,” said Treasury Secretary Scott Bessent.

The hidden cost of growing a firm without intention
The hidden cost of growing a firm without intention

To build a truly self-sustaining practice, enterprising advisors have to start with a vision of what they want to be – and accept the realities that come with building toward it.

Waverly, Apella buy $412M in RIA assets across Oregon, Northeast
Waverly, Apella buy $412M in RIA assets across Oregon, Northeast

Serial acquirers add a 35-year-old Oregon wealth manager and a New York practice focused on women navigating life transitions.

&Partners taps two UBS leaders to run its private wealth business
&Partners taps two UBS leaders to run its private wealth business

Mara Glassel and Julie Fox will co-lead the fast-growing hybrid RIA’s ultra-high-net-worth and private wealth businesses.

Citi sees Q3 profit jump as wealth unit books record $38B in net new assets
Citi sees Q3 profit jump as wealth unit books record $38B in net new assets

The banking giant's wealth arm extends its revenue streak as it pushes to exit consent orders weighing on growth since 2020.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor